Blake and Valerie Meyer (both age 30) are married with one dependent child (age 5).<\/p>
<\/p>
Blake's gross salary from his corporate employer was $70,000, and his Section 401(k) contribution was $6,300.<\/p>
Valerie's salary from GuiTech, an S corporation, was $29,400.<\/p>
Valerie owns 16 percent of GuiTech's outstanding stock. Her pro rata share of GuiTech's ordinary business income was $13,790, her pro rata share of GuiTech's net loss from rental real estate was $8,100, and she received a $7,000 cash distribution from GuiTech. The ordinary income from GuiTech is qualified business income.<\/p>
Blake received a $15,000 cash gift from his grandmother.<\/p>
Valerie won $6,400 in the Maryland state lottery.<\/p>
The Meyers received a distribution from their investment in Pawnee Mutual Fund that consisted of a $712 qualifying dividend and a $3,020 long-term capital gain.<\/p>
Blake paid $12,000 alimony to a former spouse under a divorce agreement executed in 2011.<\/p>
The Meyers paid $14,200 home mortgage interest on acquisition debt and $2,780 property tax on their personal residence.<\/p>
The Meyers paid $7,000 state income tax and $4,200 state and local sales tax.<\/p>
Valerie contributed $1,945 to the First Baptist Church.<\/p>
<\/p>
On the basis of the above information, compute the Meyers' 2019 federal income tax (including any AMT) on their joint return. Assume the taxable year is 2019. Use Individual tax rate schedules, Standard deduction table and Tax rates for capital gains and qualified dividends. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.<\/p>
<\/p>
<\/p>
<\/p>
<\/p>
1. Taxable Income=<\/p>
<\/p>
2. Mr. and Mrs. Meyers regular taxable income (after applicable credits)=<\/p>
<\/p>
3. Mr. and Mrs. Meyers total tax liability (including ATM)=<\/p>", "transcribed_text": "", "related_book": { "title": "Entrepreneurial Finance", "isbn": "1305968352, 978-1337635653, 978-1305968356", "edition": "6th edition", "authors": "J. Chris Leach, Ronald W. Melicher", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1482.jpg", "uri": "\/textbooks\/entrepreneurial-finance-6th-edition-1482", "see_more_uri": "" }, "free_related_book": { "isbn": "192997695X", "uri": "\/textbooks\/go-broke-die-rich-turning-around-the-troubled-small-business-1st-edition-978-1929976959-270541", "name": "Go Broke Die Rich Turning Around The Troubled Small Business", "edition": "1st Edition" }, "question_posted": "2024-06-28 05:38:01", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-13", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/what-is-content-streaming", "description": "What is content streaming?", "stars": 3 }, { "url": "\/study-help\/biostatistics\/in-the-article-socioeconomic-gradients-and-distribution-of-diabetes-hypertension-1981471", "description": "In the article Socioeconomic Gradients and Distribution of Diabetes, Hypertension, and Obesity in India published in JAMA Network Open (Corsi and Subramanian, 2019), the authors reported the odds...", "stars": 3 }, { "url": "\/the-el-dorado-star-is-the-only-newspaper-in-el", "description": "The El Dorado Star is the only newspaper in El Dorado, New Mexico. Certainly, the Star competes with The Wall Street Journal, USA Today, and the New York Times for national news reporting, but the...", "stars": 3 }, { "url": "\/study-help\/questions\/the-following-data-pertain-to-dakota-divisions-most-recent-year-9854353", "description": "The following data pertain to Dakota Divisions most recent year of operations. Income $ 10,500,000 Sales revenue 130,000,000 Average invested capital 51,000,000 Assume that the companys minimum...", "stars": 3 }, { "url": "\/study-help\/questions\/accounting-records-for-nic-enterprises-nice-for-september-show-the-1982434", "description": "Accounting records for NIC Enterprises (NICE) for September show the following (each entry is the total of the actual entries for the account for the month). Account Titles Debit Credit...", "stars": 3 }, { "url": "\/study-help\/questions\/all-of-the-following-are-true-about-reasonable-accommodations-except-4908803", "description": "All of the following are true about reasonable accommodations EXCEPT: a. Information relating to a request is confidential and should only be shared on a need-to-know basis. b. You should always give...", "stars": 3 }, { "url": "\/study-help\/questions\/on-january-1-mm-company-borrows-270000-cash-from-a-880161", "description": "On January 1, MM Company borrows $270,000 cash from a bank and in return signs an 4% installment note for five annual payments of $60,649 each. 1. Prepare the journal entry to record issuance of the...", "stars": 3 }, { "url": "\/study-help\/questions\/rodriguez-company-pays-395380-for-real-estate-with-land-land-927969", "description": "Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is appraised at $157,040; land improvements are appraised at $58,890; and the building is appraised...", "stars": 3 }, { "url": "\/study-help\/questions\/urgent-urgent-please-business-law-case-study-amit-and-amita-4912704", "description": "urgent! urgent please! business law, case study, Amit and Amita were husband and wife and was always quarrelling amongst each other amit promises to pay Rs. 50,000 to Amita as monthly expenses and...", "stars": 3 }, { "url": "\/study-help\/questions\/consider-the-following-table-for-this-question-2-4-6-927399", "description": "Consider the following table for this question. 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 This array was declared with this statement: int colors = new int[4][5]; Write a single line of...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/no-graded-rewarded-practice-as-needed-gable-company-uses-4246927", "next": "\/study-help\/questions\/need-help-with-these-questions-work-sheets-and-problems-are-4246929" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "Blake and Valerie Meyer (both age 30) are married with one dependent", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/blake-and-valerie-meyer-both-age-30-are-married-with-4246928" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } }